There are thousands of students in South Africa who are still uncertain about what they will be doing in the future once they graduate. Given that youth unemployment in the country currently stands at 46,3%, and the rate was 9,3% among university graduates*, the fact that so many young people are faced with uncertainty is worrisome.
With a reality such as this, Momentum recently announced the launch of its new Momentum Institute of Financial Planning (MIFP). The aim is to upskill Momentum’s financial advisers, as well as to provide them with knowledge and practical application to further increase the value they offer to their clients.
Aubrey Faba, Red Channel Director at Momentum Financial Planning, says that this new institute is aimed at recruiting more young people to the financial services industry. “South Africa’s financial sector is supposedly losing its grip over graduates. Fewer young people are choosing to pursue careers in financial services, which is why it is vital to find ways of attracting a new generation of financial planners and financial advisers. Given that the youth unemployment rate is so high, the current skills gap in the financial sector can offer opportunities for many new recruits.”
He goes on to explain that the Momentum Institute of Financial Planning provides training for new graduates to become professional financial advisers. “Young people are increasingly growing a stronger, more holistic social conscience and the ambition to solve wider social problems has never been more prevalent than in Millennials and Gen Z. This mindset is actually an incredibly good fit for the field of financial planning, where individuals are encouraged to help people to improve their financial wellbeing. Financial planning is also a field that fully embraces the new approach that the world is seeing towards the average working day, where flexibility is becoming increasingly a priority.”
Faba adds that the institute is particularly looking for individuals with an entrepreneurial spirit. “This is an opportunity for young people who are inclined towards starting their own businesses. They can join us as a Momentum financial adviser, give advice under our licence, market our products and have access to support and coaching from a network of professionals who can assist with all their business requirements. In addition, they get to partner with a brand that is well-established and trusted by professionals and consumers alike; locally and globally.
In addition, the Momentum Institute of Financial Planning has designed interactive online tools to support their new graduates when providing quality financial advice to clients. “We will take care of the complicated business processes so that our financial advisers can focus their time and energy on building sound client relationships,” says Faba.
As a result of Covid-19, digital transformation and technology has accelerated, and in response to this, Momentum’s curriculum is completely virtual, allowing training and development to happen remotely. "This means that new-to-industry advisers are also upskilled in these digital tools and technologies, and are therefore more empowered to navigate the working world of the future,” he says.
In closing, Faba says that there is a host of reasons why new graduates should consider the Momentum Institute of Financial Planning at the start of their careers. “By becoming a financial adviser, young professionals have the opportunity to offer meaningful advice, cultivate an unlimited income potential, harness their entrepreneurial spirit, and exercise their creativity in a practice structure. Through the Momentum Institute of Financial Planning, individuals will not only be educating and upskilling themselves in the realm of financial services, they will also increase their own financial know-how, helping them build wealth for themselves and their families over time,” he concludes.
*Stats South Africa